DoD believes there is no chance (0%) China would agree to any nuclear treaties until they've hit parity with US/Russia in raw warhead count. And btw, DoD's unclassified assertions about their warhead count is based on old assumptions of their fissile material production and plutonium/tritium availability. In terms of ICBMs, they have production facilities that can make about 90 Peacekeeper-class missiles a year.

In other words, this is less about what China wants and more about where this puts the future nuclear posture of the US.